Within his newly released memoir, named Ithaki, the former premier Alexis Tsipras pulls no punches as he examines that turbulent era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, Tsipras chose the unorthodox academic Yanis Varoufakis as his treasury head largely because of his worldwide fame along with Varoufakis's very persuasive abilities when it came to speaker.
“He was, actually, more of a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how Varoufakis had his own agenda that involved advancing Varoufakis's books and experimenting with his own theories on the nation instead of genuinely fighting for the country's economic stability.
He wrote that the negotiations to prevent bankruptcy became “not just a method to secure a better deal for the country. They became an experiment, an historic opportunity to prove the truth of his theories.”
Critical Negotiations
During rollercoaster discussions, the country found itself dangerously close to leaving the single currency area.
At stake was both Greece's destiny and those harsh austerity measures demanded in return for bailout funds from foreign lenders.
Failed Options
Efforts to secure financing from other sources, including an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, those excoriating conditions were subjected to a popular referendum, a move that plunged Europe into a deeper crisis of identity.
Although the referendum was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency as well as issuing coupons to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes how Varoufakis had proved himself “unfit for a deal demanding intricate and delicate handling.”
He also wrote how his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
The retelling of history has provoked anger along with shock in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.
